BP's Boardroom Turmoil: Leadership Shakeup and Governance Concerns

BP's board has ousted Chair Albert Manifold due to concerns about governance and conduct, affecting the company's share price significantly. The leadership change marks ongoing volatility at BP, continuing a trend of high-profile exits amid strategic reshuffles and governance challenges.

BP's board has removed Chair Albert Manifold over governance concerns, sending its share price down by as much as 10%. This marks another leadership shakeup for the oil giant, which has seen numerous executive exits recently.

According to sources, Manifold's aggressive behavior towards colleagues and a pattern of unacceptable conduct contributed to his dismissal. The decision follows a whistleblower report that flagged governance issues, leading to his ousting after less than eight months in the position.

The removal comes as BP navigates a strategic revamp under its fifth CEO since 2020. Industry watchers note that stabilizing corporate governance should be a priority for BP as it charts its future.